2018 ANNUAL BENDIGO STUDENT ASSOCIATION INC.
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BENDIGO STUDENT ASSOCIATION INC. ANNUAL REPORT 2018
2 ANNUAL REPORT 2018
The Bendigo Student
Association (BSA) has
a simple purpose:
Making student life
better
#makingstudentlifebetter
3
4
Contents
FROM OUR PRESIDENT
FROM OUR CEO 6
BSA STAFF 8
FUNDED SERVICES 9
Advocacy 9
Clubs and Societies 11
Events 13
Marketing and Publications 15
Student Experience 17
COMMERCIAL SERVICES 20
Sweeney’s Café 20
FINANCIALS 24
Directors’ Report 24
Financial Statements 26
Notes to the Financial Statements 30
Directors’ Declaration 38
Auditor’s Letter 39
For the Year Ended 31 December 2018
Bendigo Student Association Inc.
ABN: 52 625 346 529
4 ANNUAL REPORT 2018
From our President
Natasha Romas
‘We provide students with a Students may have noticed that
BSA Board began to wear bright
powerful and representative
blue polos and jumpers around
voice by fostering an campus. We also continued to
inclusive community host several Listening Posts and
to enrich their student we partnered with the university
experience, enabling them to with the rollout of the Student
Services and Amenities Fee survey
reach their full potential.’ to encourage feedback for us to
consider.
That is the mission of the Bendigo
The advancement of educational
Student Association (BSA). 2018
opportunities for all students
was a year to strengthen our
enrolled at the La Trobe University
relationship with students and the
Bendigo campus was a key
University and prepare for a host of
objective of the BSA. The BSA
changes in 2019.
continued to provide access to
With decreases to the total number heavily subsidised short course
of students on the Bendigo offerings to students.
Campus, the BSA was overjoyed
The BSA aimed to increase
to note that numbers of members
communications with the
of the BSA only grew. The BSA
University to better represent
introduced our new membership
the student voice in changes
incentive program which saw the
occurring at the university. What
BSA roll out our BSA hoodies to the
students may not have seen is
1,200+ students.
that BSA Board sat on several
The goal of the Board of Directors university consultative groups
was to increase our visibility on and committees to ensure the
campus both to students and La Bendigo student perspective was
Trobe University to encourage considered in University decisions.
communication and encourage The BSA had Board Directors sitting
awareness of BSA activities. on the Student Advisory Group for
5
both ASSC and SHE collages and The Vice-President Will Griffin and
myself and Vice-President sat on I were invited to attend the annual
13 committees between us. The La Trobe Senior Leadership Retreat
BSA was also party to discussions where we provided feedback and
surrounding the Learning Hub suggestion to senior staff as to
and the Career Ready Advantage how the student experience
programs to assist students in could be improved.
learning skills to help improve their
study as well as improving their Internally, the Board of Directors
career readiness. This was along decided to invest in a 12-month
with a partnership with the professional development program
Pro-Vice-Chancellor Student for staff to undertake to allow
Success to develop the Student the development of an internal
Success and Retention Plan. trademark and to strengthen the
teamwork and communication
The BSA was a strong advocate for between staff. It was great that the
the new Student Excellence Program BSA was in the position to invest
to be rolled out in 2019. This will in our staff and we will continue to
replace the existing Hallmark see the benefits of this investment
Program to acknowledge the great for years to come.
things students are doing outside
of their academic pursuits. In 2018, the BSA continued to live
by our vision of ‘making student
life better’ in everything that we
did. I would like to thank the Board
of Directors for taking time to
consider the student experience
on Bendigo Campus and dedicating
time to represent all Bendigo
students both on our campus
and within the greater university
community. On behalf of the
Board of Directors, I would also
like to acknowledge the work by
all staff and thank them for their
commitment to students on the
Bendigo campus.
6 ANNUAL REPORT 2018
From our CEO
Mitch Trevena
2018 can best be described We partnered with the newly
appointed Pro-Vice Chancellor
as a year of consolidation.
of Student Success working on
We celebrated 30 years of the establishment of the Student
incorporation and are the Success and Retention Plan. Our
longest running student gratitude is extended to the
association within La Trobe University for acknowledging
our Association as an imperative
University. partner in the student experience
by involving us in emerging and
Our vision of making student life engaging ways.
better was achieved through the
A focus of the Board and staff was
plethora of events, activities and
to identify activation strategies
support services provided on
and engagement opportunities by
campus. We invested in structured
reflecting on our current practices
staff development and wellbeing by
and adapting where needed to
undertaking extensive training with
remain relevant. Various internal
Leading Teams Australia. The BSA
policies and procedures were
continued to develop its reputation
reviewed and some changes were
as a valued and instrumental
made to ensure that we are fully
University stakeholder extending
committed to our purpose of
our relationships, working in
making student life better.
collaboration with a broader
range of departments, focussing Financial gains were steady
on policy review and increasing with the Association returning
representation on committees. a small surplus at years end.
7 Prudent management of funds and encouraging results from Sweeney’s Café enabled reserve investment. A strong organisational culture coupled with a willingness to collaborate and consult with all stakeholders placed us in good stead as we look to 2019. The BSA supported a trainee for three months but owing to funding restrictions, were unable to continue beyond 2018. We farewelled long serving staff member Ruth Wallis and she is thanked for her exceptional contributions made during her time with the BSA. The BSA Board and staff are commended for their outstanding and positive approach to supporting Bendigo students.
8 ANNUAL REPORT 2018
BSA Staff
2018
Chief Executive Officer Student Community Officer
Mitch Trevena (Clubs & Societies Maternity Leave
Contract) Carli Spence
Chief Operations Officer
Leah Milikins Student Experience Officer
Kylie Wilkie
Chief Finance Officer
Debbie O’Loughlin Student Services Officer
Karen Bakes
Marketing Manager Ruth Wallis (retired June 2018)
Brad Russell
Student Services Trainee
Marketing & Publications Officer Millie Bright (traineeship end
Barbara Beattie November 2018)
Student Advocate Sweeney’s Café Managers
Mitch Trevena Raelene Hughes
Julie Houlahan
Student Community Officer (Events)
Jenelle Holmberg Sweeney’s Café 2IC
Felicity Hicks
Student Community Officer
(Clubs & Societies)
Robyn Eames
(Maternity Leave June 2018 -)
9
Advocacy
Advocacy support in 2018 student advocate is adapting to
increased on the previous year meet the needs of the students
with 126 individual students and the CEO investigated options
seeking support. This increase for taking advocacy more on-line.
was attributed to several different Plans to progress options for
factors including: increased student engagement via advocacy
knowledge by students of advocacy will be a focus in 2019.
services, increased referral from
the Financial Counsellor, Legal Free student financial counselling
Service and Student Wellbeing, offered by Bendigo Family &
word of mouth amongst students, Financial Services and free legal
marketing of the service and services provide by Loddon
modifications to University policy Campaspe Community Legal Centre
which supports students earlier received a strong presentation
with their academic progress. of students throughout each
Students presented for a diverse semester. Both NFP organisations
range of advocacy support such also supported the BSA and
as: academic misconduct, appeals, students during O Week, Bruce
complaints, special considerations, Week, The Big Chill, Pride Week
academic progress, assessment and RUOK Day.
review and remarks, remission of
debt, placement issues, advanced Advocacy demand is
standing and course/University increasing, and the ways
transfers. students are interacting with
The CEO provided advocacy
this service is changing. The
services to Bendigo students in BSA will need to invest in this
2018. There was an increase in area for 2019 to ensure that
referrals being made to and being the independent student
received from other student
services within the University,
representative voice remains
including the newly formed strong.
SpeakUp service. The role of
10 ANNUAL REPORT 2018
FUNDED SERVICES
STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER 2018
MANAGEMENT/ADVOCACY
2017 ($) 2018 ($)
& ADMINISTRATION
Income
Funding (Per University) 480,630 531,578
Service 8,328 8,592
Other 592 754
Bank Interest 10,026 18,386
TOTAL INCOME 499,577 559,309
Expenditure
Fees and Charges 6,985 8,231
Administration and Services 50,475 114,748
Salary Costs 377,131 427,400
Equipment and Maintenance 15,747 42,526
Other 7,333 6,498
TOTAL EXPENDITURE 457,671 599,403
TOTAL PROFIT/(LOSS) 41,906 (40,093)
** Due to a reallocation of duties within Departments when comparing figures please note the following:
2017 figures are Management plus Administration
2018 figures are Management/Advocacy plus Administration11
Student Community Office
(Clubs and Societies)
2018 saw 34 Clubs and Societies actively involved.
involved in creating a vibrant
Campus community, offering O Week and Bruce Week Market
students’ friendship, within a fun Days provided opportunities to
and supportive network to assist welcome new students, hand
in embracing a strong culture of out marketing materials and sign
belonging and inclusiveness. up new members. Successful
events included end of year balls,
Five new clubs affiliate with the guest speakers, PD sessions,
BSA; BASS (Social Work Club), networking events, ice cream stalls,
BLUV (Volleyball Club), Crescendo barefoot bowls, trivia and cinema
(Music Club), SMALL (Weight Lifting nights, club challenges, graduate
Club) and the Ukulele Society. Six exhibitions, open mic nights and
diverse training opportunities free lunches.
were provided including: Barista,
Responsible Serving of Alcohol, 150 members attended the
Clubs Orientation (over three annual Clubs and Societies Awards
separate compulsory training Night. 2018 saw the launch of the
sessions), Marketing Clubs 101, Red Cross Blood Challenge with
First Aid and Effective students saving 127 lives via their
Communication. donations. We congratulate all
Clubs and Societies on their efforts
Between the 34 Clubs they held in 2018.
242 events throughout the year,
with more than 9,000 students
242
the 2018 awards night
members attended
EVENTS
127
LIVES SAVED!
9,000
students actively involved
15012 ANNUAL REPORT 2018
FUNDED SERVICES
STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER 2018
CLUBS & SOCIETIES 2017 ($) 2018 ($)
Income
Funding (Per University) 177,075 131,790
Service - -
Other 197 163
TOTAL INCOME 177,272 131,953
Expenditure
Fees & Charges 2,155 3,651
Administration 1,402 389
Salary Costs 41,266 85,142
Equipment & Maintenance 543 511
Support Services 75,905 38,649
Other 10,000 127
TOTAL EXPENDITURE 131,271 128,470
TOTAL PROFIT/(LOSS) 46,002 3,48413
Student Community Office
(Events)
The Student Community Office Volunteers played a vital role in
team provided many opportunities assisting with BSA Events. Our
for students to socialise and V-Crew Volunteer Program was well
connect with other students whilst supported, and we look forward
attending a wide range of events to expanding our Volunteer
on and off campus during 2018. program in 2019. Our short course
Events included live entertainment, opportunities gave students the
free lunches, free breakfasts, BSA chance to gain new skills to secure
Member lunches & Deck Nights, part time work.
Trivia Nights, The Big Chill, End of
Exam parties, Easter giveaways and 1150 students ate for free at our
fundraising activities. The team free student breakfasts and over
also supported university-based 600 students enjoyed our limited
events such as Cultural Harmony free student lunch program. Our
Day, Disability Day, Pride Day, Faith SWOT Vac trolley provided free
and Spirituality Day, Sorry Day, healthy (and not so healthy) food at
RUOK Day, Ride to Uni Days/Biker exam times. 800 students accessed
Breakfasts, Experience La Trobe this service as they crammed for
Day as well as Open Day. exams.
Market Days during O Week and The ‘Big Chill’ health and wellbeing
Bruce Week featured student event saw 350 students chilling
Clubs, local service providers, with ten gorgeous bull dog puppies.
sporting Clubs and businesses. The day aimed to encourage
The BSA makes every effort to offer students to take some time out
a social program with something to to relax and to utilise services on
suit all and encourages students to offer to assist them when they are
put forward their ideas for future feeling stressed. The day included
planning through regular surveys. live entertainment, free massage,
free food, Legal and Financial
Counselling services and puppies!14 ANNUAL REPORT 2018
FUNDED SERVICES
STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER 2018
RECREATION & ENTERTAINMENT 2017 ($) 2018 ($)
Income
Advertising 6,219 6,281
Funding (Per University) 275,765 280,508
Student Activities & Events 92,366 91,348
Other 1,041 554
TOTAL INCOME 375,391 378,691
Expenditure
Fees & Charges 661 792
Administration 30,895 36,464
Salary Costs 136,318 130,267
Equipment & Maintenance 1,123 5,499
Student Activities & Events 151,098 154,451
Other 2,097 4,051
TOTAL EXPENDITURE 322,192 331,524
TOTAL PROFIT/(LOSS) 53,200 47,16715
Marketing and Publications
3000 free student diaries and 2500 students wearing this quality
free student wall planners were hoodie as the weather turned
distributed in 2018 to students. colder.
These two publications continue
to be popular with students, with O Week and Bruce Week marketing
the diary being a one stop shop for were enablers of our success with
everything students need to know strong attendance at all events.
on “How to Uni”. Feedback from students on these
activities has provided some great
The Marketing team supported insight into how we can improve for
the ongoing needs of the BSA 2019 and we look forward to what
undertaking work within our the future holds.
marketing and advertising
team. The completion of the The website underwent a revamp
BSA Marketing Plan assisted to and some major glitches from 2017
consolidate our approach to were ironed out giving us a more
marketing and advertising. robust system. We focussed on
increasing the breadth and depth
BSA Memberships were strong with of communication channels by
1207 Bendigo enrolled students steadily increasing the use of
opting to join the BSA. 2018 saw social media. Digital and social
the introduction of the BSA navy media will be a major focus for
hoodie as an incentive gift and the BSA in 2019.
it was wonderful to see so many16 ANNUAL REPORT 2018
FUNDED SERVICES
STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER 2018
MARKETING & PUBLICATIONS 2017 ($) 2018 ($)
Income
Funding (Per University) 186,895 188,764
Service 11,250 9,632
Other - -
TOTAL INCOME 198,145 198,396
Expenditure
Fees & Charges 329 289
Administration 15,213 16,185
Salary Costs 156,851 159,809
Equipment & Maintenance 269 5,297
Publications 4,188 5,722
Other - 45
TOTAL EXPENDITURE 176,850 187,348
TOTAL PROFIT/(LOSS) 21,295 11,04817 Student Experience Stationery supplies have been in Several $20 stationery vouchers great demand and the use of our were given out to students where laminating and binding services a need was identified as well as has increased owing to the Coop including free binding vouchers Book Shop no longer providing as part of our BSA member bound lecture and study notes. incentive packs. The variety of stock on hand has Movie tickets were a great hit expanded or changed to meet and sales increased owing to the students’ needs as well as the discounted price. We worked ability to place special orders for in collaboration with a number supplies required by students that of external businesses to offer are not stocked in store due to students access to numerous space issues. We offered fantastic community events such as Groovin’ value for money exam stationery The Moo and the Bendigo Cup. sets and heavily discounted calculators.
18 ANNUAL REPORT 2018
FUNDED SERVICES
STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER 2018
STUDENT EXPERIENCE 2017 ($) 2018 ($)
Income
Funding (Per University) 34,810 35,158
Sales 24,776 27,966
Other 461 0
60,048 63,124
Less Cost of Goods Sold 18,635 22,764
GROSS PROFIT 41,412 40,360
Less Expenses
Fees and Charges 446 473
Administration 1,027 1,282
Salary Costs 29,984 39,637
Equipment and Maintenance 2,168 1,574
Other 259 114
33,884 43,080
NET PROFIT/(LOSS) 7,528 (2,720)19
FUNDED SERVICES
STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER 2018
COMMUNITY ENGAGEMENT 2017 ($) 2018 ($)
Income
Funding (Per University) 31,666 -
Other - -
TOTAL INCOME 31,666 -
Expenditure
Administration 21 -
Salary Costs 26,227 -
Equipment & Maintenance - -
Other - -
TOTAL EXPENDITURE 26,248 -
TOTAL PROFIT/(LOSS) 5,418 -
Note: Community Engagement ceased to operate in November 2017. This financial report remains
as part of our year-on-year comparison method of reporting.20 ANNUAL REPORT 2018
Sweeney’s Café
Managers Raelene Hughes and popular throughout the year, with
Julie Houlahan ably supported by Sweeney’s also running some
2IC Felicity Woods had a stellar fantastic coffee and food specials
year. Previously, the café sourced a during O Week, Bruce Week, The
percentage of pre-made products Big Chill and RUOK Day.
from small business suppliers
around Bendigo. In 2018, we Sweeney’s increased their catering
decided to make most of our throughout 2018, including the
food fresh daily and on-site. This BSA’s 30 years of incorporation
enabled us to offer an increase in celebration lunch. They also
casual shifts to students and gave worked collaboratively with La
us greater control over quality and Trobe to offer free ‘biker brekkies’
variety within our food offering. the first Tuesday of every month
We are proud supporters of small for those staff and students who
local business and continue to work rode their bikes to Uni.
with them in providing great quality
The BSA is excited to see what
food and coffee to students and
opportunities await us as we plan
staff.
for a refurbishment of Sweeney’s
The increasing demand for vegan Café in 2019 as part of the Bendigo
and halal products influenced the Campus Transformation. This
product range with the addition refurbishment is well overdue, and
of paleo bars, vegan brownies, we look forward to collaborating
protein balls, halal products and with the University in creating a
cheese free falafel wraps. BSA new look for the longest operating
member meal deals were very café on the Bendigo campus.21
COMMERCIAL SERVICES
STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER 2018
SWEENEY’S CAFÉ 2017 ($) 2018 ($)
Income
Sales 542,165 526,316
Other 126 166
TOTAL INCOME 542,291 526,482
Less Cost of Goods Sold 282,670 283,536
GROSS PROFIT 259,621 242,946
Less Expenses
Fees and Charges 14,757 16,409
Administration 4,784 5,230
Salary Costs 180,795 208,483
Equipment and Maintenance 8,533 8,954
Other 2,201 8
TOTAL EXPENSES 211,070 239,084
NET PROFIT/(LOSS) 48,551 3,86222 ANNUAL REPORT 2018
COMMERCIAL SERVICES
STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 31ST DECEMBER 2018
ADMINISTRATION 2017 ($) 2018 ($)
Income
Bank Interest 566 830
Service 39,817 50,154
Other 44,940 47,270
TOTAL INCOME 85,322 98,254
Expenditure
Fees and Charges 21,046 39,993
Administration 4,292 8,667
Equipment and Maintenance 3,034 9,110
Other 27,225 30,731
TOTAL EXPENDITURE 55,598 88,501
TOTAL SURPLUS/(DEFICIT) 29,724 9,75323 #makingstudentlifebetter
24 ANNUAL REPORT 2018
Directors’ Report
Your directors present their report on the company for the financial year ended
31 December 2018.
Board Directors
The names of the directors in office at anytime during or since the end of the year are:
Name Position Appointed Resigned
Natasha Romas Board Director 1-Jan-17 31-Dec-17
President 1-Jan-18
William Griffin Vice President 1-Jan-18
Luke Hall Board Director 1-Jan-18 3-Jun-18
Finance & Resources Chair 4-Jun-18 14-Jan-19
Jayden Davis-Tope Student Engagement Officer 1-Jan-18
Jesse Munzel Equal Opportunity Officer 1-Jan-18 31-Dec-18
Board Director 1-Jan-19
Verity Wiseman Board Director 1-Jan-18 31-Dec-18
Mark Conforti Board Director 1-Jan-18 23-Mar-19
Bhanu Shamdasani Board Director 4-Jun-18 31-Dec-18
Lucas Cross Board Director 4-Aug-17 28-Aug-18
Yukti Arya Board Director 1-Jan-19
Brody McDowell Board Director 1-Jan-19 14-Jan-19
Finance & Resources Chair 14-Jan-19
Nakita Thomson Student Causes (Formally 14-Jan-19
Equal Opportunity Officer)
Thomas Connellan Board Director 1-Apr-19
Directors have been in office since the start of the financial year to the date of this
report unless otherwise stated.
The profit of the company for the financial year after providing for income tax
amounted to $32,501 (2017: $253,622).25 A review of the operations of the company during the financial year and the results of those operations are as follows: Principal Activities The principal activities of the association during the course of the financial year were: • Providing social opportunities by hosting events, activities and trips • Providing opportunities for fitness and to participate in sports • Giving financial and administrative support to clubs and societies on campus • Offering supporting on a range of academic and welfare issue • Producing free publications such as the Student Diary and the International Survival Guide • Running Sweeney’s Café at campus. Events Subsequent to the End of the Reporting Period No matters or circumstances have arisen since the end of the financial year which significantly affected or may significantly affect the operations of the company, the results of those operations, or the state of affairs of the company in future financial years. No dividends have been paid or declared since the start of the financial year. A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act 2001 is attached to this financial report. This directors’ report is signed in accordance with a resolution of the board of directors:
26 ANNUAL REPORT 2018
Statement of Profit or Loss
FOR THE YEAR ENDED 31 DECEMBER 2018
Note 2018 ($) 2017 ($)
Revenue 1,956,209 1,969,712
Consumables used (588,903) (557,484)
Employee benefits expense (1,050,738) (948,571)
Charitable donations, sponsorships
(27,416)
advertising and promotion
Occupancy and associated costs (13,306) (10,968)
Depreciation and amortisation expenses (49,466) (19,465)
Other expenses (191,463) (152,186)
Profit before income tax 32,501 253,622
Income tax expense - -
Profit for the year 32,501 253,622
Profit attributable to member of the company 32,501 253,622
The accompanying notes form part of these financial statements.27
Statement of Financial Position
FOR THE YEAR ENDED 31 DECEMBER 2018
Note 2018 ($) 2017 ($)
ASSETS
Current Assets
Cash and cash equivalents 2 (1,050,738) (948,571)
Trade and other receivables 3 (27,416)
Inventories 4 (13,306) (10,968)
Other assets 5 (49,466) (19,465)
TOTAL CURRENT ASSETS 1,275,558 1,141,160
Non-Current Assets
Financial assets 6 200 200
Property, plant and equipment 7 30,123 30,894
Other non-current assets 5 - 4,200
TOTAL NON-CURRENT ASSETS 30,323 35,294
TOTAL ASSETS 1,305,881 1,176,454
LIABILITIES
Current Liabilities
Trade and other payables 8 77,922 39,645
Provisions 9 187,836 154,933
Other 10 33,451 11,722
TOTAL CURRENT LIABILITIES 299,209 299,209
Non-Current Liabilities
Provisions 9 30,324 26,307
TOTAL NON-CURRENT LIABILITIES 30,324 26,307
TOTAL LIABILITIES 329,533 232,607
NET ASSETS 976,348 943,847
EQUITY
Retained earnings 976,348 943,847
TOTAL EQUITY 976,348 976,348
The accompanying notes form part of these financial statements.28 ANNUAL REPORT 2018
Statement of Changes in Equity
FOR THE YEAR ENDED 31 DECEMBER 2018
Retained
Earnings Total
$ $
Balance at 1 January 2017 690,225 690,225
Comprehensive income
Profit for the year 253,622 253,622
Total comprehensive income for the year attributable
253,622 253,622
to the member of the company
Balance at 31 December 2017 943,847 943,847
Balance at 1 January 2018 943,847 943,847
Comprehensive income
Profit for the year 32,501 33,501
Total comprehensive income for the year attributable
32,501 33,501
to the member of the company
Balance at 31 December 2018 976,348 977,348
The accompanying notes form part of these financial statements.29
Statement of Cash Flows
FOR THE YEAR ENDED 31 DECEMBER 2018
Retained
Note Earnings Total
$ $
Cash flows from operating activities
Receipts from customers 1,931,007 1,950,326
Payments to suppliers and employees (1,778,746) (1,736,381)
Interest received 19,215 10,592
Net cash provided by operating activities 13 171,476 224,537
Cash flows from investing activities
Payments for property, plant and equipment (56,381) (8,303)
Net cash provided by (used in) investing
(56,381) (8,303)
activities
Net increase in cash held 115,095 216,234
Cash and cash equivalents at beginning of
1,087,356 871,122
financial year
Cash and cash equivalents at end of financial
13 1,202,451 1,087,356
year
The accompanying notes form part of these financial statements.30 ANNUAL REPORT 2018
Notes to the Financial Statements
for the Year Ended 31 December 2018
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements are special purpose financial statements prepared in order
to satisfy the financial reporting requirements of the Associations Incorporations
Reform Act 2012. The board has determined that the association in not a reporting
entity.
The financial statements have been prepared in accordance with the significant
accounting policies disclosed below, which the directors have determined are
appropriate to meet the needs of the member. Such accounting policies are
consistent with the previous period unless stated otherwise.
The financial statements have been prepared on an accruals basis and are based on
historical costs unless stated otherwise in the notes. The accounting policies that
have been adopted in the preparation of the financial statements are as follows:
(a) Income Tax
The association is exempt from income tax under Section 50-5 of the Income
Tax Assessment Act 1997.
(b) Inventories
Inventories are measured at the lower of cost and net realisable value.
(c) Property, Plant and Equipment
All property, plant and equipment except for freehold land and buildings
are initially measured at cost and are depreciated over their useful lives.
The carrying amount of plant and equipment is reviewed annually by
the directors to ensure it is not in excess of the recoverable amount.
The recoverable amount is assessed on the basis of expected net cash flows
that will be received from the asset’s employment and subsequent disposal.
The expected net cash flows have been discounted to present values in
determining recoverable amounts.
Freehold land and buildings are carried at their recoverable amounts,
based on periodic, but at least triennial, valuations by the directors.31
Depreciation
The depreciable amount of all fixed assets, including buildings and capitalised
lease assets but excluding freehold land, is depreciated on a straight-line
basis over the asset’s useful life to the company commencing from the time
the asset is held ready for use.
(d) Trade and Other Receivables
Trade and other receivables include amounts due from customers for goods sold
and services performed in the ordinary course of business. Receivables expected
to be collected within 12 months of the end of the reporting period are classified
as current assets. All other receivables are classified as non-current assets.
Trade and other receivables are initially recognised at fair value and subsequently
measured at amortised cost using the effective interest method, less any
provision for impairment.
(e) Employee Benefits
Provision is made for the association’s liability for employee benefits arising
from services rendered by employees to reporting date. Employee benefits that
are expected to be settled within one year have been measured at the amounts
expected to be paid when the liability is settled, plus related on-costs. Employee
benefits payable later than one year have been measured at the present value of
the estimated future cash outflows to be made for those benefits.
(f) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with
banks, other short-term highly liquid investments with original maturities of
three months or less, and bank overdrafts. Bank overdrafts are shown within
borrowings in current liabilities on the statement of financial position.32 ANNUAL REPORT 2018
Notes to the Financial Statements
for the Year Ended 31 December 2018
(g) Revenue and Other Income
Revenue is measured at the fair value of the consideration received or receivable
after taking into account any trade discounts and volume rebates allowed. Any
consideration deferred is treated as the provision of finance and is discounted
as a rate of interest that is generally accepted in the market for similar
arrangements. The difference between the amount initially recognised and the
amount ultimately received is interest revenue.
Revenue from the sale of goods is recognised at the point of delivery as this
corresponds to the transfer of significant risks and rewards of ownership of the
goods and the cessation of all involvement in those goods.
All revenue is stated net of the amount of goods and services tax.
(h) Payment terms
Receivables and payables are non interest bearing and generally have payment
terms of between 30 and 90 days.
(i) Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except
where the amount of GST incurred is not recoverable from the Australian
Taxation Office (ATO).
Receivables and payables are stated inclusive of the amount of GST receivable
or payable. The net amount of GST recoverable from, or payable to, the ATO is
included with other receivables or payables in the statement of financial position.
Cash flows are presented on a gross basis. The GST component of cash flows
arising from investing or financing activities which are recoverable from, or
payable to, the ATO are presented as operating cash flows included in receipts
from customers or payments to suppliers.
(j) Critical Accounting Estimates and Judgements
The directors evaluate estimates and judgements incorporated into the
financial statements based on historical knowledge and best available current
information. Estimates assume a reasonable expectation of future events and
are based on current trends and economic data, obtained both externally and
within the company.33
Key Estimates
(i) Estimation of Useful Lives of Assets
The estimation of assets useful lives have been based on their historical
experience. The condition of the asset is assessed at least once per year and
considered against the remaining useful life. Adjustments to useful lives are
made when considered necessary.
(ii) Impairment of Assets
At each reporting date, the association reviews the carrying values of its tangible
assets to determine whether there is any indication that those assets have been
impaired. If such an indication exists, the recoverable amount of the asset, being
the higher of the asset’s fair value less costs to sell and replacement cost, is
compared to the asset’s carrying value. Any excess of the asset’s carrying value
over its recoverable amount is expensed to the statement of comprehensive
income.
(k) BSA Clubs & Societies
Bendigo Student Association administer Bendigo Student Association Clubs and
Societies for which an agency relationship exists. No, revenue expenses, assets
or liabilities of Bendigo Student Association Clubs and Societies are included in
that of Bendigo Student Association. Bendigo Student Association and Societies
is separately audited and prepare their own financial statements.
(l) Economic Dependence
Bendigo Student Association is dependent upon Latrobe University, for the
funding of a significant portion of its operations. At the date of this report
the Board of Directors has no reason to believe Latrobe University will not
continue to support Bendigo Student Association.34 ANNUAL REPORT 2018
Notes to the Financial Statements
for the Year Ended 31 December 2018
2018 ($) 2017 ($)
2. CASH AND CASH EQUIVALENTS
Cash on hand 4,800 4,800
Cash at bank 349,421 437,044
Short term investments 848,230 645,512
1,202,451 1,087,356
3. TRADE AND OTHER RECEIVABLES
CURRENT
Trade receivables 9,439 10,582
Good and services tax 2,712 -
12,151 10,582
4. INVENTORIES
CURRENT at cost:
Stock on hand - Sweeney's Cafe 12,829 5,467
Stock on hand - Runes 13,937 15,310
26,766 20,777
5. OTHER ASSETS
CURRENT
Good and services tax 39
Accrued income 5,417 236
Prepayments 28,773 22,170
34,190 22,445
NON-CURRENT
Website costs 10,500 43,527
Less Accumulated Amortisation (10,500) (39,327)
- 4,20035
2018 ($) 2017 ($)
6. FINANCIAL ASSETS
NON-CURRENT
Available-for-sale financial assets (a) 200 200
(a) Available-for-sale financial assets:
Shares - Acuma Buying Group 200 200
7. PROPERTY, PLANT AND EQUIPMENT
Leasehold Improvements - at cost 29,106 19,174
Less Accumulated Depreciation (13,280) (11,761)
Total land and buildings 15,826 7,413
Plant And Equipment - at cost 83,812 116,328
Less Accumulated Depreciation (78,012) (96,709)
5,800 19,619
Furniture And Fittings - at cost 93,725 84,176
Less Accumulated Depreciation (85,228) (80,314)
8,497 3,862
Total plant and equipment 14,297 23,481
Total property, plant and equipment 30,123 30,89436 ANNUAL REPORT 2018
Notes to the Financial Statements
for the Year Ended 31 December 2018
2018 ($) 2017 ($)
8. TRADE AND OTHER PAYABLES
CURRENT
Trade creditors 44,234 6,502
Other payables 15,951 16,285
Withholding taxes payable 17,737 16,858
77,922 39,645
9. PROVISIONS
CURRENT
Provision for annual leave 86,833 81,897
Provision for long service leave 101,003 73,036
187,836 154,933
NON-CURRENT
Provision for long service leave 30,324 26,307
Based on past experience, Bendigo Student Association Inc. does not expect the full amount of annual leave to
be settled wholly within the next 12 months. However, the amount must be classified as a current liability
because the association does not have an unconditional right to defer the settlement of the amount in the event
employees wish to use their leave entitlements.
10. OTHER LIABILITIES
CURRENT
Accrued expenses 24,754 877
Income in advance 8,697 10,845
33,451 11,722
11. CONTINGENT ASSETS
There were no contingent liabilities and contingent assets at the date of this report that may affect the financial
statements.37
2018 ($) 2017 ($)
12. EVENTS AFTER THE REPORTING PERIOD
There have been no events after the end of the financial year that would materially affect the financial
statements.
13. CASH FLOW INFORMATION
(a) Reconciliation of Cash
Cash at the end of financial year as included in the statement of cash flows is reconciled to the related items
in the statement of financial position as follows:
Cash 1,202,451 1,087,356
1,202,451 1,087,356
(b) Reconciliation of cash flow from operations with profit after income tax
Profit after income tax 32,501 253,622
Non-cash flows in profit:
Depreciation expense 49,466 17,365
Amortisation expense - 2,100
Loss on sale of assets 11,886 -
Changes in assets and liabilities:
(Increase)/decrease in receivables (1,569) (8,794)
(Increase)/decrease in inventory (5,989) 2,617
(Increase)/decrease in other assets (11,745) (6,269)
Increase/(decrease) in payables 38,277 (10,615)
Increase/(decrease) in provisions 36,920 (25,489)
Increase/(decrease) in other liabilities 21,729 -
Net cash provided by operating activities 171,476 224,53738 ANNUAL REPORT 2018
Directors’ Declaration
The directors have determined that the company is not a reporting entity and that
this special purpose financial report should be prepared in accordance with the
accounting policies outlined in Note 1 to the financial statements.
In accordance with a resolution of the directors of Bendigo Student Association Inc,
the directors of the company declare that:
1. The financial statements and notes as set out on pages 3 to 12 presents fairly the
company’s financial position as at 31 December 2018 and its performance for the
year ended on that date in accordance with the accounting policies described in
Note 1 to the financial statements;
2. In the directors’ opinion there are reasonable grounds to believe that the
company will be able to pay its debts as and when they become due and payable.Making
student life
better
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